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← London Transport Museum Limited

2024-03-31-accounts

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Contents

Contents
Strategic Report 2
Message from the Chair of the Trustees and CEO 2
Our foundation: purpose and principles 4
Our strategic framework 5
Performance and achievements 6
Highlights of 2023/24 7
Future plans 11
Financial review 12
Trustees’ Report 14
Structure, governance and management 14
Reserves policy 22
Disclosure of information to auditors 25
Trustees’ statement 26
Trustees and advisers 27
Independent Auditor’s report 30
Consolidated statement of financial activities for the year ended 34
31 March 2024
Balance sheets as at 31 March 2024 36
Notes to the financial statements 37
Our supporters 56

London Transport Museum Limited Annual Report and Financial Statements for the year ended 31 March 2024

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Strategic Report

Message from the Chair of Trustees and CEO 2023/24

Following several years of strong recovery across all lines of activity, confidence in a strong team and governance, and optimistic about our charity’s future, London Transport Museum (LTM) reset its strategy for the five years from 2023 to 2028. The first year of our new five-year strategy has been a resounding success across key measures: our content and experiences; culturally with our people, visitors and stakeholders; financially with a thriving and varied portfolio of entrepreneurial businesses.

Following a smooth handover, the new CEO began in August 2023 and outlined a vision to become ‘future fit’, which gave further focus and direction to our work, particularly in the areas of content, experiences, people, and growth to secure our long-term financial sustainability.

In 2023/24, LTM welcomed its highest ever visitor numbers, with more than 427,000 people visiting the Covent Garden site to discover the story of London’s transport history and heritage. Not only was this a record achievement for the Museum, but we have bucked the trend at 10 per cent ahead of the sector as reported by the Association of Leading Visitor Attractions (ALVA).

This year we have continued to flourish creatively. In October, the Museum also opened its brand-new Global Poster Gallery. Set over two floors, this permanent gallery is dedicated to the display of the Museum’s internationally significant collection of 20th century graphic art and design. The gallery is sponsored by Global, the media and entertainment group and its inaugural exhibition, How to Make a Poster , is on display until 2025. The Museum celebrated 160 years of London Underground with a year-long programme of public events, campaigns and product launches linked to the anniversary. This included family activities, a poster series in partnership with four prominent London cultural attractions, a Hidden London virtual tour, a Tube 160 product range collaboration with Wallace Sewell, Museum Depot Open Days, the launch of a brand-new Hidden London tour of Baker Street station and a sold-out Tube 160 ‘birthday’ heritage rail event. The first exhibition of the new Photography Gallery, Echoes of the Blitz: underground shelters in London and Ukraine , opened to visitors on 1 March.

The Museum delivers lasting, positive social change through its work with children and young people, reaching more than 130,000 participants every year. In 2023/24, the Museum engaged:

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The first year of the five-year Strategic Plan is in a strong financial position with an operating surplus of £1,687k and net surplus of £741k. Looking forward, the Museum is in a comfortable position to fund our planned investment and is ready to launch our exciting ‘future fit’ plans this summer.

We owe thanks to so many for their support and guidance that have enabled us to realise this strong and stable position: Arts Council England (ACE), the Department for Digital Culture Media and Sport (DCMS), HM Treasury, Transport for London (TfL), LTM Friends, members, donors, and volunteers. A remarkable collection of LTM colleagues and volunteers are the creative spark and engines that drive our broad portfolio of activities and lay the groundwork for a sustainable future.

Keith Ludeman, Chair and Elizabeth McKay, CEO

London Transport Museum Limited Annual Report and Financial Statements for the year ended 31 March 2024

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Our foundation: purpose and principles

The purpose of LTM as an educational and heritage charity remains to be the world’s leading museum of urban transport, creating experiences that delight and inspire, enabled by people who are united behind our purpose and who generate the funds to make a difference by sustaining the charity.

We live by our principles of being inclusive and supportive of everyone, by being a single collaborative team, being courageous and creative in the way we work and with a proactive focus on results and making things happen.

Together our purpose, principles, aims and behaviours create a firm foundation and have enabled us to weather the pandemic, recover, and emerge stronger, with the energy and resilience to deliver our five-year strategy and beyond.

Our purpose

Igniting curiosity to shape the future.

Our principles

For everyone

Everyone feels the Museum, collections, and experiences are for them.

Entrepreneurial and playful

Everything we do is creative, dynamic, and resourceful.

Relevant and authentic

We are a window on the past, present, and future of how transport keeps London working and growing.

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Dedicated and personal

We go the extra mile to deliver.

Sustainable and green

We strive to be environmentally aware and make the right choices.

Our strategic framework

We’re ambitious for the future of LTM and excited about our direction of travel and progress. We fully leverage our aims (content, experiences, people, and money) to inform and shape an exciting and motivating vision for the future.

Content – being the world’s leading museum of urban transport

We maximise the power and reach of the content and stories we share whether live or digital. We focus on the audience’s love affair with London and its contemporary relevance. We’re uniquely positioned to harness the essence of London (past, present, and future) and TfL’s design heritage to create this powerful, unique and ownable approach to content.

Experiences – create experiences that delight and inspire

We focus on the points of difference, the unique personality we are placed to deliver as an LTM ‘experience’. We are confident to explore ways to make these experiences come alive - with our people-led delivery, generosity in sharing control with others, and differentiating the experience for our visitors based on location across our different sites. We also work on joining it all up, whether pre-, during, or post visit or onsite, offsite or online.

People – nurture a culture that’s united behind our purpose

We are ambitious about our people and what we can achieve together. We have a dynamic and inclusive culture that supports, nurtures and develops people and offer a fair reward for achievement and performance. We are committed to increasing diversity in all areas, including using advisory groups to ensure representation. Together staff and volunteers are excited, knowledgeable, confident, and equipped to deal with emerging areas such as our Green Journey and developing narratives and collections.

Money – generate the funds that make a difference

When it comes to generating the funds to make it all happen, our vision is to play to the strengths of our organisational DNA and play the long game. We operate a successful business-like charity and aim to grow revenue in creative new ways and invest in our future, year on year.

Financial sustainability for LTM requires reserves and external fundraising to enable capital investment. Funding capital projects depends on the success of key income streams to fund our purpose. Our main income streams are from visitors, fundraising and our Enterprise businesses including retail, venue hire, corporate membership, commercial sponsorship, catering, and Hidden London.

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To achieve financial sustainability, it is essential that we charge admission fees to visitors to Covent Garden, the Museum Depot at Acton, and for participation in our off-site experiences such as Hidden London tours and Heritage vehicle operations. These are reviewed annually and benchmarked to ensure they remain affordable to Londoners and all visitors.

The TfL-funded schools programmes, namely Travel for Life (formerly known as STARS) and Project Guardian, engage tens of thousands of pupils each year and are delivered at no cost to the schools taking part. We also provide free content through our website, YouTube and other channels for people who do not visit LTM in person.

Performance and achievements

The first year of the five-year 'invest to grow’ strategy is in a strong financial position, with an unrestricted funds operating surplus of £1,742k and net surplus of £446k.

Year one of the growth plan within Enterprise has seen some great successes including the highest ever retail sales at almost £4.5m and Hidden London revenue of £1.4m. Years two and three will bring different stages of growth in the various businesses, the common thread being an entrepreneurial and positive approach to opportunities and data-driven decisions to adapt to market conditions as appropriate.

Our achievements this year have been significant and generally ahead of the sector - not only are our admissions ahead of pre-pandemic but our results this year are 10 per cent ahead of the sector.

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The Dashboard is reported biannually to Trustees. It comprises a selection of the performance indicators considered to give the Executive and Trustees a rounded insight into LTM’s progress. LTM developed a success framework to ensure that all activity considered Reach, Quality, Impact and Value/Income (RQIV). LTM has used the RQIV framework to set targets and monitor performance for projects, teams, and individuals and is continuing to develop and integrate the framework into all our work.

Highlights of 2023/24

Year one of the five-year strategy has been a big year for LTM with many successes and lots of change. Our organisational highlights and top achievements of 2023/24 are a snapshot of the breadth of what we do.

Organisational

Five-year Strategy (2023-28)

Following the development of the new strategy over nearly a year and involving staff, volunteers, and stakeholders, in May 2023 Trustees approved an exciting and ambitious ‘invest to grow’ strategy.

New CEO

Elizabeth McKay took the helm as the new Director and CEO in August 2023. She is leading ambitious plans to introduce new future-focused content and experiences to expand the Museum’s offer and reach.

Senior Leadership Team (SLT) refresh

The SLT refresh was completed as planned with the final new member joining in February 2024, Enterprise Director Sarah Fellingham-Adkin. A new Learning and Participation directorate was established, headed by Fenella Goodhart. This addition recognises the importance of education within our charitable purpose. A new Content directorate has been formed, headed by Chris Nix. This shift in focus sets up our commitment to ramping up our storytelling capabilities and expanding our relevance to new audiences including growing our global reach.

Top achievements

We continue to be an organisation which learns quickly and is agile in programming and seeing funding opportunities.

Global Poster Gallery

The permanent gallery showcases the Museum’s world class collection of 20th century graphic art and design, alongside loans. The gallery is sponsored by Global, the media and entertainment group and its inaugural exhibition, How to Make a Poster , is on display until 2025. The celebratory private view to mark its opening in October 2023 was accompanied by a line-up of half term activities and a ‘Posters and Posers’ Late for adults. The gallery was designed in a way that not only showcases the art and culture of our outstanding collection but also minimises its environmental footprint.

London Transport Museum Limited Annual Report and Financial Statements for the year ended 31 March 2024

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London Transport Dinner and Auction

Our largest ever London Transport Dinner and Auction took place in the Roundhouse, a former train turning table. The November 2023 event raised over £450k for the Museum’s education and charitable work.

New Brand

A new brand architecture and logo for the Museum has been developed and tested with audiences. The new-look logo approach to our brand structure and surrounding programme will be rolled out in phases from July 2024.

Travel for Life

The Schools Team in the Learning and Participation directorate has continued as the lead delivery partner on the TfL Travel for Life programme, commissioned and funded by Customer Marketing and Behaviour Change. A key strand of the programme is Citizens (formerly known as Safety and Citizenship), delivered to Year 6 students in schools across London to promote the safe and responsible use of public transport, reaching 99,559 students across 1,899 schools in 23/24. This continues to be a flagship programme delivered by the Museum - remarkable for its content as well as reach to nearly 90 per cent of Year 6 students in London

Out on the roads and rails

Our heritage vehicle programme returned with great success. Supported by public programming on the platforms, these events gave people the chance to experience travel from a bygone era on our beautifully restored 1938 Tube stock train. The final event of the season at Amersham on 9-10 September 2023 saw 1,267 people enjoy a special journey on the Metropolitan line. We also attended the annual Cart Marking in July 2023 in the City of London and the iconic Imberbus in August 2023.

London Transport Museum Limited Annual Report and Financial Statements for the year ended 31 March 2024

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Project Guardian

This programme continues to go from strength to strength and is delivered by our Schools Team. Project Guardian is commissioned and funded by TfL Compliance, Policing Operations and Security (CPOS), as part of its End Violence Against Women and Girls programme. The sessions are delivered to Year 9 students to increase awareness and recognition of sexual harassment on public transport. This year we delivered 270 sessions to at least 65 schools, reaching an audience of 15,391 and CPOS have increased their funding of this activity four-fold.

Skills Late

This important annual event returned to the Museum for the first time in four years in January 2024, supporting young people to develop skills and take a next step towards work and a career. It brought together over 200 young career seekers with businesses in the transport, engineering, and STEM-linked sectors including ABM, Microsoft, Mitie, Telent, Thales GTS, TfL, Siemens and Sopra Steria. Sitting behind this high-profile event is an extensive employability programme supporting young people into careers in the transport and cultural sector.

Celebrating 160 years of the Tube

The Museum’s Tube 160 celebrations included the launch of the new ‘Love London’s Culture’ poster series, a new Hidden London tour at Baker Street, a retail product line and a special journey on the 1938 Tube stock train.

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Retail record year

Our exclusive product ranges continue to prove popular, contributing to 84 per cent of online sales and 70 per cent of total sales. The Covent Garden shop saw its largest trading period in December, taking £330k. Alongside strong stock management and increased social media activity, sales are over 13 per cent ahead of last year.

Museum Depot

Our Museum Depot in Acton goes from strength to strength, building its reputation as a local cultural hub with global significance and broad appeal. Alongside extensive curatorial and public engagement activity, there are currently three externally funded projects running out of the Depot focused on collections, volunteering, local community engagement and employability and heritage skills. These projects are funded by National Lottery Heritage Fund (NLHF), LTM Friends and John Lyon’s Charity.

Project transformation opportunity

Exciting plans to update the Museum’s narrative and improve the visitor experience have been initiated. These include new gallery spaces, the redesign of the Museum’s entrance and shop, and will be enabled by a major fundraising drive currently in development.

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Future plans

The new CEO, Elizabeth McKay, began in August 2023 and outlined a vision as an overlay on the five-year strategy to focus on key areas to accelerate our journey to becoming ‘future fit’, driving our journey of innovation, design and change.

Future fit

Being ‘future fit’ is how we are bringing our purpose - igniting curiosity to shape the future - to life. This is a powerful idea that is inherently optimistic and a call to action. It’s this focus on the future that will keep us relevant. By ensuring we are relevant with the stories we tell, the experiences we offer, the working culture we nourish and the successes we achieve, we will future-proof LTM and continue to thrive.

Strategic priorities

Our strategic priorities were developed through a series of workshops that explored our challenges holistically. Within the context of reviewing our progress during our annual forward planning workshops with staff and Trustees and testing how all our activity supports the ambition to be ‘future fit,’ we’ve reconfirmed these key areas as continuing to be relevant and salient.

Real Green Leadership

Driving forward the commitment to making a real difference to the environmental sustainability of LTM as well as being a forum and advocate for meaningful action for change in London and beyond. LTM’s internal journey to net zero by 2030 and advocacy of change with visitors, partners, schools and the communities of London.

Making Great Memories

Actively creating memorable experiences for our visitors through authentic, engaging content and an outstanding visitor welcome onsite, offsite and online. Mining LTM’s sweet spot across the continuum of London’s past, present, and future in our content narratives and learning programmes.

Get Stuff Done

Unblock obstacles that are hindering efficient and timely support and delivery to make processes in TfL HR, Technology and Data (T&D) and Procurement fit for purpose at LTM. Clarified governance and continuous improvement of systems and processes to reduce bureaucracy and concentrate LTM efforts on delivery and operations.

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Life Skills for Londoners

Supporting all to realise their potential by modelling, sharing, and enabling life skills to face the future. LTM’s levelling up agenda for young Londoners, our visitors, volunteers, and staff.

Financial review

In 2023/24 the Museum delivered another year of substantial activity, achieving a strong and sustainable financial position despite ongoing social, political and economic uncertainty in the UK. LTM has adopted an ‘invest to grow’ strategy to create a sustainable long-term position. The Museum’s 2023/24 financial performance under this strategy has given LTM confidence to continue to invest in people, programmes, and projects to grow.

Visitor income continued to grow as well as Enterprise businesses, both performing ahead of budgeted expectations with Retail and Hidden London revenue higher than ever.

Reconciliation of operating
surplus to SOFA* net surplus		 Unrestricted
£000		 Restricted
£000		 Total
£000
Operating surplus 1,742 (55) 1,687
Depreciation and amortisation (1,550) 0 (1,550)
Capital income 0 350 350
Net surplus 446 295 741

*Statement of financial activities

Overall income rose to £19.8m (2022/23: £17.1m), partly driven by a rise in income from trading activities from £6.8m to £7.5m, reflecting outstanding performance in our commercial lines associated with the enthusiastic return of audiences, particularly those from overseas in the USA and Asia. The return of overseas visitors also drove a rise in museum admissions income from £3.8m to £4.4m.

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Total expenditure increased to £19.1m (2022/23: £16.2m) predominantly due to the increased salary costs associated with the ‘invest to grow’ strategy which involves investing in people and resources.

Capital expenditure totalled £1.2m (2022/23: £0.7m) as a significant focus was on investment in infrastructure and capital projects this year, decreasing our capital fund to £18.9m (2023: £19.3m). The capital fund forms the majority of the Museum’s reserves and represents the net book value of the Museum’s fixed assets, rather than liquid funds readily available for use.

Restricted funds increased to £1.3m (2023: £1.0m) due to the recognition of restricted income secured close to year end, ahead of the associated programme spend planned in subsequent years.

London Transport Museum Limited Annual Report and Financial Statements for the year ended 31 March 2024

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Trustees’ Report

Structure, governance and management

Legal status and governing documents

London Transport Museum Limited (LTML) is a registered charity incorporated on 6 February 2008 as a company limited by shares; one share is issued and is owned by Transport for London (TfL). It is governed by its Memorandum and Articles of Association. Under the Greater London Assembly (GLA) Act 1999, TfL has the power to provide and maintain a museum of transport artefacts, records, and other exhibits. While it is common for charities to incorporate as companies limited by guarantee, the Transport for London (Specified Activities) Order 2000 requires TfL to carry out museum activities through a company limited by shares.

Under section 5.1 of the LTM Memorandum of Association, the property and funds of the Museum must be used only for promoting the objects of the Museum, no dividend may be paid to TfL.

When LTML was established in 2008, a series of written agreements was put in place between TfL and LTM. These set out an umbrella agreement for the continued provision and maintenance of the Museum, covering many aspects of the operation and funding of LTM, and the long-term relationship between the parties. Beneath this there is a funding agreement and an Intellectual Property agreement, while the Museum collection is owned by TfL and subject to a management agreement between the Museum and TfL.

As a wholly owned subsidiary company within the TfL Group, the Museum has access to substantial support and advice from other Group functions in areas such as accounting, taxation, property, marketing, internal audit, information technology, human resources, and contracts. The Museum occupies premises which are owned or leased by TfL Group companies and is given access to TfL assets such as disused stations and the Underground network for heritage rail operations. Varying financial arrangements apply to the various Group services, many of which are supplied at no cost to the Museum.

LTM is governed by a Board of up to thirteen Trustees, all of whom are non-executive except for the CEO, who is an ex officio Trustee and accountable to the Board of Trustees.

LTM has a wholly owned subsidiary, London Transport Museum (Trading) Limited (LTM(T)L) which operates retail, corporate hire and other non-charitable activities to generate funds to further the Museum’s objects. Under a Deed of Covenant, all the profits of LTM(T)L are distributed to LTM.

LTM(T)L is governed by a Board of Directors drawn from the Museum’s Trustees and staff, along with a majority of independent non-executive directors. Further information about LTM(T)L can be found in the Notes to the financial statements.

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Organisation

LTM is governed by a Board of Trustees. Day-to-day management of the Museum is delegated to the Chief Executive Officer (CEO), Elizabeth McKay, and Senior Leadership Team (SLT), employees and volunteers.

The CEO and SLT are considered to represent the ‘key management personnel’ of the charity, those persons having authority and responsibility for planning, directing, and controlling the day-to-day activities of the charity.

One of Elizabeth McKay’s early actions following assumption of the role of CEO in August 2023 was to reshape the SLT to support the new strategy and vision. The SLT is comprised of eight posts in total:

Chief Executive Officer (CEO) Chief Financial Officer (CFO) Enterprise Director Director of Audiences and Development Director of Content Director of Estate and Visitor Experience Director of Learning and Participation Head of Governance and Director’s Office

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Trustees

There are up to thirteen Trustees of LTM at any time, up to three of whom are nominated by TfL and may be members, officers or employees of TfL or the Greater London Assembly (GLA). The Board is chaired by Keith Ludeman. The CEO of LTM is automatically a Trustee by virtue of her office, and there are up to nine independent Trustees unconnected with TfL.

The Board meets at least four times a year for formal business and once a year for a day of strategic review. Trustees also serve on various Board committees (see below) which meet regularly throughout the year. In addition, Trustees attend Museum events and activities, meet informally, and visit other museums and heritage organisations to widen their knowledge and experience of the cultural sector.

The Board has a Nominations Committee to offer advice and make recommendations regarding the appointment of independent Trustees. We use public advertisement, personal recommendation, and external search to recruit Trustees with expertise and experience that will support the strategy and operation of the Museum in areas such as community outreach, education, museum practice, commercial transportation, finance and governance, retail operations, and public relations.

Trustees serve a three-year term following which they may be elected for another three years. The Articles of Association make allowance for a second extension of up to three more years. Other than the CEO, who is an employee of LTM, the Trustees receive no remuneration, but TfL offers Trustees (and non-executive Directors of LTM(T)L) certain travel concessions. If these are not sufficient, Trustees may claim travel expenses for attending meetings.

The LTM Board is clear about the charity’s aims and ensures that these are being delivered effectively and sustainably. The Trustees adopted the revised Charity Governance Code for Larger Charities in January 2019.

The Directors of the charitable company are its Trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

Four Trustee meetings were scheduled during 2023/24 and attendance was 90 per cent.

Trustee May2023 Jul 2023 Oct 2023 Feb 2024 total
M Arthur 1 1 0 1 3
B Ferris 1 1 1 1 4
C Major 1 1 0 1 3
L Williams 1 1 0 1 3
S Mullins 1 1 N/A N/A 2
E McKay N/A N/A 1 1 2
M Creagh 1 1 1 0 3
K Ludeman 1 1 1 1 4
A Smith 1 1 1 1 4
P Hendy 0 0 1 1 2

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O Nwofor* 1 1 1 1 4
W Hull* 1 1 1 1 4
P Rosser 1 1 1 1 4
Lilli Matson* 1 1 1 1 4
Total 12 12 10 12 46

There have been some changes to the Trustees in 2023/24:

At 31 March 2024, there were 12 Trustees and one vacant position. More information and short biographies of the Trustees can be found on the Museum website: - https://www.ltmuseum.co.uk/about us/governance

Trustee induction and training

New Trustees undergo an orientation programme to brief them on their obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision-making processes, the business plan, and recent performance of the Museum. During their induction they are invited to spend time with the LTM CEO and meet senior staff and are provided with relevant reference material.

Committees

The Board of Trustees has three committees:

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regard to succession planning. The Committee also oversees matters related to the review of remuneration on an annual basis for Museum staff, in the context of cultural sector trends and benchmarking and the performance of the Museum, individual teams and staff, and the Museum’s commitment to the London Living Wage and the promotion of diversity and inclusion, and to contribute to the setting of pay scales

Three sub-committees also operate:

Relationship with TfL

When LTML was established in 2008, a series of written agreements was put in place between TfL and LTM. These have been described in Legal status and governing documents. Further details can be found in the Notes to the financial statements.

The Museum generally adopts TfL’s HR, Procurement and other policies unless a Museum-specific policy has been agreed by the Board and takes precedence. Examples of Museum policies include safeguarding, reserves, and sponsorship.

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Employment policies

At the end of March 2024, the Museum directly employed 165.4 full-time equivalents, excluding staff employed via agencies.

The Museum is part of the TfL Framework for Consultation and Collective Bargaining. Pay negotiations for the majority of staff are conducted between the TfL Company Council for Collective Bargaining and the recognised trades unions which are the National Union of Rail, Maritime and Transport Workers (RMT) and the Transport Salaried Staff Association (TSSA). The Museum retains responsibility for the distribution of base pay budgets and the level and distribution of performance awards.

Pay and remuneration of the Museum’s key management personnel are subject to the TfL Senior Management Reward Framework which uses base pay to recognise an individual’s overall value to the organisation in relation to internal and external job markets, and performance awards to reward individual contribution within the overall context of organisational performance. The framework is underpinned by TfL’s Performance Management and Competency frameworks, linking performance and behavioural assessment directly with pay and performance awards. Pay and remuneration of the Museum’s key management personnel is overseen by the Remuneration Committee.

As part of the TfL group, Museum staff receive certain staff benefits including free or discounted travel on public transport services operated by TfL. Staff are also entitled to join the TfL Pension Fund.

Charitable objectives and public benefit

When reviewing the Museum’s aims, objectives, and achievements, and in planning future activities, the Trustees of LTM have had due regard to the public benefit guidance published by the Charity Commission. We believe that LTM upholds the principles of public benefit against the two key aspects established by the Charity Commission:

  1. Benefit aspect : That the Museum has beneficial purposes and that any detriment or harm that results from those purposes does not outweigh the benefit.

LTM’s purposes as a charity are to advance the heritage of transport in London and to educate the public about the history of transport in London through the provision, operation, and maintenance of a transport museum for the public benefit. LTM also seeks to educate the public about the wide role of transport in the life and work of London past, present, and future, and to help develop the skills and employability of our beneficiaries, particularly with regard to transport and engineering.

The Museum provides clear and identifiable benefits to the public in three categories of activity: access and museum operations, education and engagement, and heritage and collections.

LTM does no harm or detriment through its charitable activities. The health and safety of staff and visitors are taken very seriously, and the Museum operates safety management systems to reduce and manage risks. We seek to manage our impact on the environment, for example, we use photovoltaic solar panels on the Museum roof.

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  1. Public aspect : That the Museum delivers benefits to the public in general, and that these benefits are not unduly restricted and do not give rise to more than incidental personal benefit.

LTM delivers benefits to visitors onsite, offsite and online: at the Museum in Covent Garden and the Depot in Acton; to school children and audiences across Greater London who take part in our educational, community and engagement activities at the Museum and elsewhere; to users of our website and audiences who engage with our content on social media channels. Our audience development and community outreach work, our skills development work, and our employability programmes including those funded by Arts Council England engage with people who would not normally visit museums and galleries and help inspire the next generation of engineers and transport professionals.

Where the Museum delivers private benefits to individuals or companies, these are subject to appropriate commercial arrangements undertaken through a subsidiary company to generate funds for the Museum. No LTM or TfL staff receive private benefit other than in an incidental way, with the exception of Elizabeth McKay who receives a salary in respect of her position as the Museum’s CEO. Board members receive no payments for their role as Trustees of the Museum.

Safeguarding

LTM aims to promote opportunities for children and young people to engage with the richness of our collection, enjoy education and employment opportunities through the Museum and our wider transport community, and to participate in the debate about the future of London.

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At LTM, we are committed to excellence in the safeguarding of children, young people and vulnerable adults who engage with all our activities including our collections, programmes, education, and employment initiatives. We believe that the welfare of children and vulnerable adults is paramount, and that all children and vulnerable adults, whatever their age, culture, disability, gender, racial origin, religious beliefs, or sexual identity have the right to protection.

We will ensure that all concerns and allegations of abuse will be taken seriously and responded to swiftly and appropriately and that our staff, volunteers, associates, and Trustees will be trained and know how to respond to concerns raised.

LTM will promote a positive ethos of collaboration with children and vulnerable adults. We will take every reasonable step to ensure that all children and vulnerable adults engaged with our services are safe and protected.

We keep our Safeguarding Policy and procedures under regular review to ensure that we exemplify best practice. We undertake a substantial ongoing programme of training and communication.

Fundraising

LTM actively pursues funding from the corporate sector, trusts, foundations, statutory and industry funders and from individuals to fund our charitable activity and extend our community and audience reach. We seek to establish relationships with those who have good reason to support the Museum, particularly those who are willing and able to work collaboratively with the Museum in the long-term. This includes, but is not exclusive to, the transport industry and companies who do business with TfL.

Before entering a partnership or relationship, the Museum will assess any potential harm a partnership could have on LTM, TfL, Museum audiences and stakeholders.

The decision on whether to develop a partnership or relationship will be based on the following criteria:

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The above assessments are made by Museum staff. We do not employ the services of professional fundraisers or commercial participators.

Other than admission charges for entry to the Museum, only a relatively small amount of our fundraising activity is aimed at the general public. We do not undertake street collections, telephone campaigns, or employ any fundraising techniques that would constitute an unreasonable intrusion on a person’s privacy, or are unreasonably persistent, or place undue pressure on a person to give money or other property.

We maintain a database of subscribers to our email newsletter, and where we collect personal information this is managed in line with current data protection legislation. If an individual has agreed to receive our newsletter, we will send regular updates that will include information about the Museum’s work, as well as our events, special offers, and fundraising activities. Further information about how LTM uses personal information can be found in our privacy statement: https://www.ltmuseum.co.uk/privacy

The Museum has voluntarily subscribed to the scheme for fundraising regulation in England, Wales and Northern Ireland by the Fundraising Regulator. We also pay for membership to the Institute of Fundraising for key members of the Museum’s fundraising team.

We have received no complaints regarding our fundraising in 2023/24. The Trustees are content that all donations are in line with the Museum’s policies.

Information transparency

Data relating to LTM, including details of reports, expenditure and Freedom of Information requests can be found by visiting the TfL Transparency pages on the TfL website: - Transparency Transport for London (tfl.gov.uk)

Reserves policy

The total held in reserves at 31 March 2024 is £29.5m (2023: £28.7m) of which £28.1m (2023: £27.7m) is unrestricted, including £18.9m (2023: £19.3m) which comprises the noncash capital fund.

The charity has three types of reserves:

  1. General reserves are unrestricted funds which provide working capital and help deal with unplanned and unexpected expenditure or loss of funding

  2. Designated reserves are unrestricted funds set aside by the Trustees for a specific purpose

  3. Restricted reserves are reserves which have been created when donors or funders restrict the use of funds for a particular purpose

The Museum has no endowment funds.

General reserves

General reserves (‘free reserves’ or ‘general unrestricted funds’) are funds not designated or restricted to a particular purpose, nor represented by fixed assets. In assessing the

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suitability of the adequacy of the level of free reserves, the Trustees have had regard to the Museum’s diverse income streams, cashflow requirements, the level of other designated funds, the organisation’s operational risks and the importance of TfL funding and support in the context of the Museum as a subsidiary company of TfL. An assessment has been made of the risk associated with each of the Museum’s income streams in the short to medium term, considering the certainty of the income, the targets for growth and the likely level of fluctuation that could occur. Expenditure has also been examined to identify the risk of potential increases.

The target range for general reserves is between £1.1m to £2.3m. The year-end level of general reserves is £3.1m. We plan to spend the £0.8m in the following year in line with our strategic plan (2023: £2.3m).

Designated reserves

The Museum holds three designated reserves funds.

1. Museum Asset Development Fund

The Museum’s capital expenditure needs are variable, and although external capital grants are usually sought, they can be difficult to secure and are unlikely to meet project costs in full. The level of the Museum Asset Development Fund at year end is £4.7m (2023: £4.7m).

2. Strategic Development Fund

To enable the Museum to fund important projects such as gallery and exhibition improvements and educational programmes.

This enables the Museum to plan for long lead time by providing some level of cover for the costs. The Museum cannot always wait until it raises all the funds for a project before making a commitment. Although there is no target level for this fund, Trustees have agreed a comprehensive LTM Capital Master Plan which sets out a five-year outline of major projects and costs. The level of the Strategic Development Fund at year end is £1.5m (2023: £1.5m). Development Fund.

  1. Capital Fund

To represent the net book value of the Museum’s tangible and intangible fixed assets.

The majority of these assets were transferred to LTM from TfL on 1 April 2008, and have subsequently depreciated, added to with capital purchases, and reduced by asset disposals. Reserves equivalent to the net balance sheet value of the assets are set aside in a designated fund as they do not represent funds readily available for other purposes. From this, the value of the fund equals the net book value of the tangible fixed assets. The level of the Capital Fund at year end is £18.9m (2023: £19.3m).

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Restricted reserves

The Museum has £1.3m (2023: £1.0m) net reserves in funds subject to restrictions.

The largest restricted fund is the Collections Development Fund (CDF) which was established in 2012 following the auction of 400 surplus posters. The Museum Accreditation scheme requires that the disposal of any collection object creates an obligation to spend the income in a way which benefits the remaining collection. Accordingly, the CDF can only be used for acquisitions and conservation. The Museum holds £0.5m in this fund (2023: £0.5m).

The NLHF, ACE, LTM Friends, DCMS/Wolfson, and the Luke Rees-Pulley Charitable Trust, among others, are all important supporters of LTM projects and programmes. Where the restricted funds supplied by these organisations only meet a proportion of project expenditure, transfers are made from unrestricted funds to meet the remaining cost. Further details concerning restricted funds can be found in the Notes to the financial statements. The Museum has £1.3m (2023: £1.0m) net reserves in funds subject to restrictions.

Risk management

The Museum has a robust risk management framework that aligns with the TfL approach, categorising risks into two levels:

An exercise to identify strategic risks is included in the Board away days in November each year. This approach ensures that multiple views on risk are solicited, considered, and refined as part of strategic planning. It was agreed that the five-by-five matrix continues to be an effective reporting tool and is unchanged. The Board approves the risk map quarterly and it is included in the two-year plan and budget.

The major risks to which the Museum is exposed are regularly reviewed and the Trustees’ risk management strategy includes the following actions:

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The Museum’s Level 1 (Strategic) risks are identified as those with a potential impact that is rated ‘High’ or ‘Very High’, and which have a ‘High’ or ‘Very High’ likelihood of occurring. Two risks currently fall into the critical category, which serves as an effective way to prioritise focus on actions and mitigations:

• Staff

The Museum is unable to attract and retain sufficient staff which significantly impacts services. Pressures from workload, fatigue and uncertainty have an impact on health and morale.

Mitigations Summary:

The age and condition of Museum accommodation and infrastructure impacts services. Extreme weather damages buildings and impedes access due to transport links. Long term uncertainty with the future of leases at CG and the Depot limit prospects and limit grant funding at these sites.

Mitigations Summary:

By implementing these strategies, the Museum ensures proactive risk management, enabling the organisation to remain resilient and forward-looking.

Disclosure of information to auditors

The Trustees who held office at the date of approval of this Trustees’ Report confirm that, so far as they are each aware, there is no relevant audit information of which the Museum’s auditors are unaware; and each Trustee has taken all the steps that they ought to have taken as a Trustee to make themselves aware of any relevant information and to establish that the Museum’s auditors are aware of that information.

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Trustees’ statement

Statement of responsibilities of the Trustees of London Transport Museum Limited in respect of the Trustees’ Annual Report and the Financial Statements

The Trustees are responsible for preparing the Strategic Report, the Trustees’ Annual Report, and the Financial Statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare Financial Statements for each financial year. Under that law they are required to prepare the group and parent company financial statements in accordance with UK Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland.

Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and charitable company and of the group’s excess of income over expenditure for that period. In preparing each of the group and charitable company financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that its financial statements comply with the Companies Act 2006. They have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the group and to prevent and detect fraud and other irregularities.

This report was approved by the Board of Trustees on 10 July 2024 and signed on its behalf by:

Keith Ludeman Chair of Trustees London Transport Museum Limited

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Trustees and advisers

Trustees and Directors

Board of Trustees

Keith Ludeman (Chair) Elizabeth McKay (CEO) (From 8 August 2023) Sam Mullins OBE (CEO) (Retired 8 August 2023) Marcus Arthur Mary Creagh CBE Bill Ferris CBE Peter, Lord Hendy of Richmond Hill Winsome Hull BEM Christine Major Lilli Matson Obi Nwofor* Pam Rosser Andrew Smith CVO Liz Williams MBE (Retired 28 March 2024) * nominated by TfL

Finance, Audit and Risk Committee

Andrew Smith CVO (Chair) Elizabeth McKay (CEO) (From 8 August 2023) Sam Mullins OBE (CEO) (Retired 8 August 2023) Keith Ludeman Obi Nwofor Pam Rosser

Nominations Committee

Keith Ludeman (Chair) Elizabeth McKay (CEO) (From 8 August 2023) Sam Mullins OBE (CEO) (Retired 8 August 2023) Lilli Matson Pam Rosser Liz Williams MBE

Remuneration Committee

Liz Williams MBE (Chair) (Retired 28 March 2024) Elizabeth McKay (CEO) (From 8 August 2023)

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Sam Mullins OBE (CEO) (Retired 8 August 2023) Keith Ludeman Christine Major (From 2 February 2024) Lilli Matson Obi Nwofor (Temporary for 1 December 2023 meeting)

Marcus Arthur (Chair) Elizabeth McKay (CEO) (From 8 August 2023) Sam Mullins OBE (CEO) (Retired 8 August 2023) Sophie Bancroft Bill Ferris CBE Vincent Nolan (Retired 2 May 2023) Pam Rosser Rikesh Shah Phil Swallow

Advisers

Auditors

Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

Legal advisers

TfL In-House Legal Department Endeavour Square London E20 1JN

Bankers

HSBC 2nd Floor 62-76 Park Street London SE1 9DZ

Company secretary

Howard Carter (Retired September 2023) Andrea Clarke (Interim from 29 September 2023) Justine Curry (From 29 September 2023)

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29

Museum Senior Leadership Team

To whom day-to-day management is delegated:

Sam Mullins OBE Chief Executive Officer (CEO) (Retired 8 August
2023)
Elizabeth McKay Chief OperatingOfficer(COO) (To 7 August 2023)
Elizabeth McKay CEO (From 8 August
2023)
Ruth Brockbank Chief Financial Officer (CFO) (Maternity leave from
22 September 2023)
Tom Campbell Director of Estate and Visitor Experience
Heidi Clayton Interim CFO (From 11 March
2024)
Sarah Fellingham-Adkin Enterprise Director (From 12 February
2024)
Fenella Goodhart Director of Learning and Participation (From 2 October
2023)
Mirela Holmes Interim CFO (From 23 October
2023 to 12 April
2024)
Molly Jackson Assistant Director, Commerce (Until 31 March
2024)
Emma Luggie Head of Governance and Director’s Office
Chris Nix Director of Content
Claire Williamson Director of Audiences and Development

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30

Independent Auditor’s report

To the shareholder of London Transport Museum Limited

Opinion

We have audited the financial statements of London Transport Museum Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2024 which comprise the Group Statement of Financial Activities, the Group and Parent Charitable Company Balance Sheets and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs(UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s and parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained in the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise

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31

explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the trustees’ responsibilities statement set out on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of

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32

accounting unless the trustees either intend to liquidate the group or parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

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33

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters which we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………….

Date: …25 July 2024..

Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor

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34

Consolidated statement of financial activities for the year ended 31 March 2024

Note
INCOME FROM:
Donations and legacies
Core grants
Other grants and donations
4
Charitable activities
Education and engagement
Access and museum
operations
Heritage and collections
5
Other trading activities
6
Other income
Investments
Total income
EXPENDITURE ON:
Raising funds
Trading operations
Other fundraising activities
7		 Unrestricted
Funds
Restricted
Funds
Total
Funds
Unrestricted
Funds
Restricted
Funds
Total
Funds
2024
2024
2024
2023
2023
2023
£000
£000
£000
£000
£000
£000
3,600
-
3,600
3,360
-
3,360
1,047
781
1,828
1,207
660
1,867
4,647
781
5,428
4,567
660
5,227
2,180
-
2,180
1,283
-
1,283
4,398
-
4,398
3,811
-
3,811
-
-
-
-
-
-
6,578
-
6,578
5,094
-
5,094
7,545
-
7,545
6,754
-
6,754
-
-
-
-
-
-
245
-
245
95
-
95
19,015
781
19,796
16,510
660
17,170
5,503
-
5,503
4,802
-
4,802
820
-
820
927
-
927
6,323
-
6,323
5,729
-
5,729

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Charitable activities
Education and engagement
Access and museum
operations
Heritage and collections
7
Total expenditure
8
Net gain/(losses) on
investments
22
Net (expenditure)/income
Transfers between funds
16
Net movement of funds in
year
Reconciliation of funds
Total funds brought forward
Total funds carried forward
16		 5,025
222
5,247
4,085
300
4,385
5,177
15
5,192
4,213
36
4,249
2,052
249
2,301
1,739
99
1,838
12,254
486
12,740
10,037
435
10,472
18,577
486
19,063
15,766
435
16,201
8
-
8
-
-
-
446
295
741
744
225
969
-
-
-
-
-
-
446
295
741
744
225
969
27,726
997
28,723
26,982
772
27,754
28,172
1,292
29,464
27,726
997
28,723

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities.

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Balance sheets as at 31 March 2024

Group Group Museum Museum
2024 2023 2024 2023
Note £000 £000 £000 £000
Fixed assets
Intangible fixed assets 11 465 475 465 475
Tangible fixed assets 12 18,462 18,798 18,462 18,798
Investments 13 1,008 - 1,008 -
19,935 19,273 19,935 19,273
Current assets
Stock 14 795 792 - -
Debtors 15 1,863 1,528 3,802 3,488
Cash at bank and in hand 16 10,072 9,760 7,935 7,926
12,730 12,080 11,737 11,414
Current liabilities
Creditors falling due within one year 17 (3,179) (2,578) (2,208) (1,964)
Net current assets 9,551 9,502 9,529 9,450
Total assets less current liabilities 29,486 28,775 29,464 28,723
Non-current liabilities
Creditors falling due after one year 17 (22) (52) - -
Net assets 29,464 28,723 29,464 28,723
Funds
Share capital 21 - - - -
Restricted funds 18 1,292 997 1,292 997
Unrestricted funds 18 28,172 27,726 28,172 27,726
Total funds 29,464 28,723 29,464 28,723

The notes on pages 29 to 45 form part of these accounts.

The Parent Charity made a surplus of £1,296,000 for the year

These financial statements were approved by the Trustees on 18 July 2024 and signed on their behalf by:

Keith Ludeman Chair of Trustees London Transport Museum Limited

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Notes to the financial statements

1. Basis of preparation

a) Statement of compliance

The financial statements have been prepared in accordance with:

LTML is a ‘public benefit entity’ under FRS102.

b) Basis of measurement

The accounts are made up to 31 March 2024 and have been prepared under the accruals concept and in accordance with the historical cost accounting convention.

The financial statements have been prepared on a going concern basis which assumes the charitable company will continue in operational existence for a period of at least 12 months from the date of approval of these financial statements. The Trustees continue to review all available information on the Museum’s financial position, cash reserves and projections, committed and essential costs, available support packages and the performance of the Museum. The Museum has obtained a commitment from TfL to support the Museum as a going concern. Considering the available liquid and unrestricted reserves, existing income streams, and the support receivable from TfL, the Trustees have continued to adopt the going concern basis in preparing the annual report and accounts. The Trustees consider the Museum to be a going concern at the date of signature for the foreseeable future and to continue to be able to meet its liabilities as they fall due for payment.

The financial statements have been prepared to give a ‘true and fair’ view and comply with the SORP applicable to charities preparing their accounts in accordance with the FRS applicable in the UK and the Republic of Ireland (effective 1 January 2019).

The principal accounting policies adopted in the preparation of the financial statements are set out below.

c) Group financial statements

These financial statements consolidate the results of the Museum charity and its wholly owned subsidiary LTM(T)L on a line-by-line basis. Neither a separate statement of financial activities nor an income and expenditure account are presented for the Museum charity itself following the exemptions afforded by section 408 of the Companies Act 2006.

The functional currency of the Museum is the Pound Sterling and amounts in these accounts have been presented as rounded to £’000. Amounts denominated in foreign

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currencies have been converted to Sterling at rates of exchange ruling on the transaction dates. Amounts held in foreign currencies as at the balance sheet date have been translated into Sterling at rates of exchange ruling at the balance sheet date.

2. Uses of estimates and judgements

The preparation of Financial Statements in compliance with UK accounting standards requires the use of certain critical accounting estimates. It also requires Trustees and management to exercise judgement in applying the Museum’s accounting policies.

Items in the Financial Statements where these judgements and estimates have been made include amounts for goods, facilities and services donated for the Museum’s use. Where the benefit is quantifiable, and the goods and services would otherwise have had to be purchased, such items are recognised in the financial statements as both income and expenditure at a reasonable estimate of their value to the charity in the period in which they are donated.

As per SORP 2019 section 1.38, measurement issues, including attributing an economic value to the contribution of general volunteers, prevent the value of services provided by volunteers being incorporated into these financial statements. Further details of the contribution made by volunteers can be found in the body of the Trustees’ Annual Report.

The most significant judgment and estimate in the accounts is the value placed on the net assets transferred from TfL under the Transfer Scheme at 1 April 2008 when the charity was formed. These assets were valued at £28.74m, this being the written down value of the assets in the accounts of TfL as at 31 March 2008.

As at 31 March 2024, no estimates or assumptions made are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

3. Accounting policies

a) Income

Income is included in the Statement of Financial Activities when all the following criteria are met:

Income from donations, grants and fundraising includes items that provide core funding or are of a general nature. These are recognised upon receipt. Such income would only be deferred when:

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Income from corporate supporter memberships, commercial trading, sponsorships, and other similar activities where benefits are delivered by the Museum or its subsidiary trading company, is recognised as the related goods and services are provided.

Investment income is recognised on a receivable basis.

It is the current Investment Policy of the Museum to invest surplus funds in short-term cash deposits within the UK.

Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions which is recognised as the related goods or services are provided.

b) Expenditure

All expenditure (except capital expenditure) is included in the Statement of Financial Activities inclusive of any irrecoverable VAT. Expenditure is recognised when a liability is incurred and is classified under the following principal categories:

Where costs relate directly to an activity they have been allocated against that activity. Support costs (including governance costs) that relate to more than one activity have been allocated to activity cost categories based on direct costs in each area of activity (see Note 7).

c) Tangible and intangible fixed assets

Individual fixed assets over £10,000 are capitalised at cost.

Tangible and intangible fixed assets are depreciated or amortised on a straight-line basis over their estimated useful lives as follows:

Plant, software and equipment 3 – 10 years Property and buildings 10 – 35 years

Structural improvements to the fabric of the Museum at Covent Garden are capitalised and depreciated over the remaining life of the lease for the building. Other building works, including enhancements, are capitalised if it is considered that future economic benefits will flow as a result of the work undertaken.

d) Heritage assets

Heritage assets are those assets of historical, artistic or scientific importance that are held to advance the preservation, conservation and educational objects of the Museum. The

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Museum collections consist of over 500,000 items which are on loan from TfL. Assets on loan are not capitalised within these financial statements although expenditure relating to their use and maintenance is included in the Statement of Financial Activities.

e) Operating leases

Costs relating to operating leases are charged to the Statement of Financial Activities on a straight-line basis over the life of the lease.

f) Stock

Stock is valued at the lower of cost or net realisable value. Cost includes only the purchase price of the items. Provision is made for obsolete and slow-moving items where appropriate. All stocks relate to the Museum’s retail activities.

g) Funds structure

Restricted funds are funds to be used for particular purposes laid down by the donors or which have been raised for a specific purpose.

Unrestricted funds are funds available for use at the discretion of the Trustees in furtherance of the Museum’s charitable objectives.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The purposes and uses of the funds held in each of these categories are given in Note 16.

h) Pensions

The Museum participates in a pension scheme operated by TfL providing benefits based on final pensionable pay. The assets of the scheme are held separately from those of the Museum. The charity is unable to identify its share of the underlying assets and liabilities of the scheme on a consistent and reasonable basis and therefore, as permitted by the multi-employer exemption in FRS 17 ‘Retirement Benefits’, it is accounted for as if it were a defined contribution scheme. As a result, the amount charged to the Statement of Financial Activities represents the contributions payable to the scheme in respect of the accounting period. The disclosures required under FRS 102 are given in Note 20.

Except in so far as disclosed in Note 20, the Museum has taken advantage of the exemption set out in section 33 of FRS 102 not to disclose any transactions with other TfL Group undertakings.

i) Investments

Investments are stated at market value. Valuations are kept up to date such that when investments are sold there is no accounting gain or loss arising. As a result the Statement of Financial Activities only includes those unrealised gains and losses arising from the revaluation of the investment portfolio throughout the year.

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j) Taxation

The Museum is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

k) Cash flow

The Museum has taken advantage of the exemption, under FRS 102 paragraph 1.12(b), from preparing a statement of cash flows, on the basis that it is a wholly owned subsidiary undertaking of Transport Trading Limited (TTL) and its cash flows are included within the consolidated financial statements of that company which are publicly available.

l) Financial instruments

Financial assets held by the Museum are classified as ‘loans and debtors’ within the scope of sections 11 and 12 of FRS 102.

Financial liabilities within the scope of sections 11 and 12 of FRS 102 are classified as financial liabilities measured at amortised cost.

The Museum determines the classification of its financial instruments at initial recognition and re-evaluates this designation at each financial year end. When financial instruments are recognised initially, they are measured at fair value, being the transaction price plus any directly attributable transactional costs. The subsequent measurement of financial instruments depends on their classification as follows:

The fair value of trade and other debtors is estimated as the present value of future cash flows, discounted at the market rate of interest at the reporting date. This fair value is determined for disclosure purposes.

London Transport Museum Limited Annual Report and Financial Statements for the Year Ended 31 March 2024

42

4. Donations and legacies

Legacies
Grants from TfL
Other grants
ACE funding
Donated services
Seconded staff
Central services from TfL
Other
Benefit dinners
Other donations
Total		 2024
2024
2024
2023
Unrestricted
Restricted
Total
Total
£000
£000
£000
£000
-
7
7
-
3,600
-
3,600
3,360
-
400
400
372
-
-
-
14
315
-
315
317
92
-
92
95
479
-
479
555
161
374
535
514
4,647
781
5,428
5,227

5. Charitable activities

a) Analysis by source of income

Museum admissions
Schools Programmes
Other charitable income
Total		 2024
2024
2024
2023
Unrestricted
Restricted
Total
Total
£000
£000
£000
£000
4,398
- 4,398
3,811
2,130
- 2,130
1,260
50
-
50
23
6,578
-6,578
**5,094 **

b) Analysis by type of charitable activity

) Analysis by type of charitable activity
Museum admissions
Schools Programmes
Heritage vehicle events
and station tours
Total charitable income		 2024
2024
2024
2024
2023
Education
and
engagement
Access and
museum
operations
Heritage and
collections
Total
Total
£000
£000
£000 £000
£000
-
4,398
- 4,398 3,811
2,130
-
- 2,130 1,260
50
-
-
50
23
2,180
4,398
- 6,578 5,094

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6. Other trading activities

2024
2023
£000
£000
Retail turnover 4,463
3,936
Other turnover
Venue hire 482
468
Hidden London 1,346
1,238
Commercial sponsorship 443
483

Catering		 75
-

Corporate membership		 709
608

Other revenue		 27
21
Total turnover 7,545
**6,754 **

7. Expenditure

a) Direct and apportioned costs

Cost of goods sold
Other trading subsidiary costs
Other fundraising activities
Costs of raising funds
Education and engagement
Access and museum operations
Heritage and collections
Charitable activities
Total
Cost of goods sold
Other trading subsidiary costs
Other fundraising activities
Costs of raising funds		 2024
2024
2024
Direct
costs
Support
costs
Total
£000
£000
£000
1,860
-
1,860
3,376
267
3,643
370
450
820
5,606
717
6,323
2,364
2,882
5,246
2,340
2,851
5,191
1,037
1,264
2,301
5,741
6,997
12,738
11,347
7,714
**19,061 **
2023
2023
2023
Direct
costs
Support
costs
Total
£000
£000
£000
1,631
-
1,631
2,903
268
3,171
408
519
927
4,942
787
5,729

London Transport Museum Limited Annual Report and Financial Statements for the Year Ended 31 March 2024

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Education and engagement
Access and museum operations
Heritage and collections
Charitable activities
Total
b) Support costs allocation		 1,932
2,454
4,386
1,873
2,376
4,249
810
1,027
1,837
4,615
5,857
10,472
9,557
6,644
**16,201 **
Premises and facilities
Finance and management
Marketing
Systems
Design and presentation
Governance
Total 2024
Premises and facilities
Finance and management
Marketing
Systems
Design and presentation
Governance
Total 2023		 2024
2024
2024
2024
2024
Education
and
engagement
Access and
museum
operations
Heritage and
collections
Raising
funds
Total
£000
£000
£000
£000
£000
1,635
1,619
717
513 4,484
805
796
353
126 2,080
303
299
133
47
782
50
49
22
8
129
89
88
39
14
230
-
-
-
9
9
2,882
2,851
1,264
717 7,714
2023
2023
2023
2023
2023
Education
and
engagement
Access and
museum
operations
Heritage
and
collections
Raising
funds
Total
£000
£000
£000
£000
£000
1,581
1,532
662
591 4,366
548
531
230
116 1,425
183
177
77
39
476
73
70
30
15
188
66
63
27
14
170
3
3
1
12
19
2,454
2,376
1,027
787 6,644

London Transport Museum Limited Annual Report and Financial Statements for the Year Ended 31 March 2024

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8. Net expenditure

This is stated after charging:

2024 2023
Total Total
£000
£000
Depreciation 1,503 1,510
Amortisation 47 45
Auditor’s remuneration
Audit - Museum 38 43
Audit - Trading company 9 10
Other non-audit services - -
Operating lease costs 802 802

9. Trading subsidiary

The Museum has a single subsidiary company, LTM(T)L, company number 06527755, having an issued share capital of £1, wholly owned by LTML.

LTM(T)L undertakes retail operations, venue hire, commercial sponsorships, the Museum corporate membership scheme and Hidden London activities.

a) LTM(T)L profit and loss account for the year ended 31 March 2024

2024
2023
£000
£000
7,545
6,754
Turnover (1,911)
(1,601)
Cost of goods sold 5,634
5,153
Gross profit

Operating expenses		 (3,592)
(3,210)
Profit from ordinary activities before 2,042
1,943

taxation
Tax on ordinary activities -
-
Total comprehensive income for the 2,042
1,943

year

b) LTM(T)L balance sheet as at 31 March 2024

b) LTM(T)L balance sheet as at 31 March 2024
2024 2023
£000 £000
Current assets
Stock 795 792
Debtors 511 237
Cash and cash equivalents 2,138 1,835
Total current assets 3,444 2,864

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Creditors falling due within one year (3,422)
(2,812)
Net current assets 22
52
Total assets less current liabilities 22
52
Creditors falling due after more than one

year		 (22)
(52)
Net assets -
-
Capital and reserves

Profit and loss account		 -
-
Share capital -
-
Equity shareholder’s funds -
-

10. Staff costs and staff numbers

a) Total remuneration

a) Total remuneration
2024
2023
£000
£000
Wages and salaries 5,912
4,519

Social security costs		 625
491

Pensioncosts		 1,221
914
Total 7,758
5,924

During the year there were no redundancies (2023: nil) and no severance payments (2023: nil).

The number of employees whose employee benefits (excluding employer’s pension contributions) amounted to over £60,000 in the year is given below.

2024 2023
£60,000 - £70,000 6 -
£70,001 - £80,000 1 3
£80,001 - £90,000 2 1
£90,001 - £100,000 1 1
£100,001- £110,000 1 -

b) Key management personnel

The key management personnel of the Museum comprise the CEO and SLT. The total employee benefits including employer’s pension and national insurance contributions of the key management personnel were £973,048 (2023: £799,803).

c) Trustee Remuneration

The CEO is the only Trustee employed by the Museum who received emoluments, including salary, fees, benefits in kind and other emoluments, totalling £161,946.89 (2023: £155,030) The Museum made nil contributions to the TfL Pension Fund, a defined benefit

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scheme, on behalf of the CEO for the year (2023: nil). The CEO did not receive any emoluments in her role as a Trustee (2023: nil).

Other than the CEO, no other Trustees received employee benefits from the Museum (2023: Nil).

TfL-nominated Trustees are also employees of TfL, a related party.

TfL Trustee and role Salary
(including fees
& allowances)		 Employer’s
pension
contributions		 Benefits
in kind		 Total excl.
Pension
contributions
Lilli Matson, Chief Safety,
Health and Environment
Officer		 £272,168 £52,667 £1,666 £273,834
Winsome Hull BEM, Senior
Business StrategyManager		 £93,404 £19,976 £751 £94,155
Obi Nwofor, Senior
OperatingOfficer		 £109,132 £24,078 £1,666 £110,798

*Salary, fees and allowances include an allowance paid as a result of the individual opting out of part or all of the benefits provided by the TfL Savings for Retirement Plan or TfL Pension Fund.

Reimbursements of £1,040 were made to three trustees in the year for travel costs to board meetings (2023: £439).

d) The average number of full-time equivalent employees was:

Education and engagement
Access and museum operations
Heritage and collections
Activities to generate funds
Support functions
Total		 2024
2023
32.8
24.5
35.6
30.8
12.9
10.8
34.3
28.9
32.9
27.0
148.4
122.0

11. Intangible fixed assets

Software Assets Total
under
construction
£000 £000 £000
Group and Museum
Cost
At 1 April 2023 375 204 579
Additions - 37 37
Transfers - - -

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48

Disposals
Reclassifications
At 31 March 2024
Amortisation
At 1 April 2023
Charge for the year
Amortisation on disposal
Reclassifications
At 31 March 2024
Net book value
At 1 April 2023
At 31 March 2024		 -
-
-
-
-
-
375
241
616
(104)
-
(104)
(47)
-
(47)
-
-
-
-
-
-
(151)
-
(151)
271
204
475
224
241
465

12. Tangible fixed assets

Group and Museum
Cost
At 1 April 2023
Additions
Transfers
Disposals
Reclassifications
At 31 March 2024
Depreciation
At 1 April 2023
Charge for the year
Depreciation on disposal
Reclassifications
At 31 March 2024
Net book value
At 1 April 2023
At 31 March 2024		 Property
and
buildings
Plant and
equipment
Assets
under
construction
Total
£000
£000
£000
£000
37,452
2,216
312
39,980
288
-
889
1,177
1
83
(84)
-
(397)
(432)
-
(829)
-
-
-
-
37,344
1,867
1,117
40,328
(19,282)
(1,900)
-
(21,182)
(1,317)
(186)
-
(1,503)
397
422
-
819
-
-
-
-
(20,202)
(1,664)
-
(21,866)
18,170
316
312
18,798
17,142
203
1,117
18,462

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13. Investments

Group and Museum
At 1 April 2023
Purchase of investments
Sale of investments
Realised gains
Unrealised gains
Dividend income reinvested
At 31 March 2024		 Listed
Total
-
-
1,000
1,000
-
-
-
-
8
8
-
-
1,008
1,008

14. Stock

2024 2023
£000 £000
Finished goods and raw materials 795 792

15. Debtors

Trade debtors
Amounts due from TfL group
Other debtors
Prepayments and accrued income		 Group
Group
Museum
Museum
2024
2023
2024
2023
£000
£000
£000
£000
447
225
14
64
85
207
2,535
2,485
-
101
-
19
1,331
995
1,253
920
1,863
1,528
3,802
3,488

16. Cash at bank and in hand

Current accounts and in hand
Short-term deposit accounts		 Group
Group
Museum
Museum
2024
2023
2024
2023
£000
£000
£000
£000
3,004
4,740
925
2,926
7,069
5,020
7,011
5,000
10,073
9,760
7,936
7,926

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17. Creditors

a) Amounts falling due within one year

Group Group Museum Museum
2024 2023 2024 2023
£000 £000 £000 £000
Trade creditors 255 344 218 283
Amounts due to TfL group - - 9 21
Taxation and social security 174 59 38 59
Other creditors and accruals 2,032 1,729 1,943 1,601
Deferred income 718 446 - -
3,179 2,578 2,208 1,964
b) Amounts falling due after one year
Group Group Museum Museum
2024 2023 2024 2023
£000 £000 £000 £000
Deferred income 22 52 - -
22 52 - -
c) Deferred income
Group Group Museum Museum
2024 2023 2024 2023
£000 £000 £000 £000
Brought forward 498 982 - 12
Utilised in year 446 (980) - (12)
Deferred in year 688 496 - -
Carried forward 740 498 - -
Amounts falling due within one year 718 446 - -
Amounts falling due after one year 22 52 - -

Deferred income relates to the sale of venue hire, Hidden London tours, corporate sponsorships typically spanning 12 months, and corporate memberships typically spanning either 12 or 36 months.

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18. Statement of group funds

a) Total funds

) Total funds
Restricted
ACE Making a Poster
ACE MEND
ACE NPO
CDF
LTM Friends
LRPCT
Elizabeth Line Legacy
Q stock
DCMS/Wolfson
Kusuma Trust
Art Fund
Poster Gallery
NLHF
John Lyon’s Charity
Total Restricted Funds
Unrestricted funds
Designated funds
Capital fund
Museum strategic
development fund
Museum asset
development fund
General funds
Net gains/(losses) on
investments
Total unrestricted funds
Total funds		 1 April
2023
Income
Expenditure Transfers
31 March
2024
£000
£000
£000
£000
£000
-
8
-
-
8
137
139
-
-
276
-
254
(254)
-
-
540
-
(8)
-
532
10
123
(61)
72
100
-
(48)
-
52
85
-
(43)
-
42
26
-
-
-
26
72
-
-
-
72
5
47
(31)
-
21
12
(4)
(8)
-
-
10
150
-
-
160
-
36
(16)
-
20
-
28
(17)
-
11
997
781
(486)
-
1,292
19,273
-
-
(346)
18,927
1,500
-
-
-
1,500
4,653
-
-
-
4,653
2,300
19,015
(18,577)
346
3,084
27,726
19,015
(18,577)
-
28,164
8
28,172
28,723
19,796
(19,064)
-
29,464

Restricted funds

Arts Council England (ACE) support is comprised of the National Portfolio Organisations (NPO) grant and funding via the Museum Estate and Development Fund (MEND) grant programme. NPO funding provides support for a diverse range of Museum programmes and activities. MEND funding is for essential work to lifts and chillers at the Covent Garden site.

The Collections Development Fund (CDF) was established in 2012/13 following the auction of 400 surplus posters. This fund can only be used for collections acquisitions and conservation.

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LTM Friends supports a range of Museum programmes and activities including vehicle restoration and Acton community projects.

The Luke Rees-Pulley Charitable Trust (LRPCT) funds the Impact and Evaluation Manager role and a Learning Officer role.

The Elizabeth Line Legacy funding supports the capture of oral history relating to the project.

The Q stock fund will be used for future conservation work on this heritage asset.

The DCMS/Wolfson grant supports the forthcoming Photography Gallery at Covent Garden.

Kusuma Trust UK supports the pilot Inspire Engineering Careers project.

The Art Fund Reimagine grant supports the Progressing Participatory Practice programme.

The Poster Gallery was funded by the Wolfson Foundation.

The National Lottery Heritage Fund (NLHF) supports the Acton Access Project and the Sustaining Heritage Skills project.

John Lyon’s Charity supports the Acton Local Schools Partnership project.

Designated funds

The Capital fund represents the net book value of the Museum’s tangible and intangible fixed assets. It is written down by the value of depreciation and increased by any additions to the Museum’s fixed assets.

The designated funds carried forward totalled £25.1m (2023: £25.4m).

The transfer from general funds to the capital fund represents the change in net book value of fixed assets.

b) Analysis of group net assets between funds

Fund balances at 31 March 2024:
Fixed assets
Current assets
Current liabilities
Long term liabilities
Total net assets at 31 March
2024
Total net assets at 31 March 2023		 Unrestricted
funds
Restricted
funds
Total
funds
£000
£000
£000
19,927
-
19,927
11,446
1,291
12,737
(3,179)
-
(3,179)
(22)
-
(22)
28,172
1,291
29,463
27,726
997
28,723

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19. Operating leases

Within one year
Between two and five years
Over five years
Total		 2024
2023
£000
£000
800
802
3,201
3,204
11,049
11,849
15,050
15,855

On 17 September 2018 LTM entered into a new building contract at Albany House. The new contract is a licence fee arrangement, between TfL and LTM, which expires on 18 December 2024.

While the Albany House licence fee is in substance an operating lease, as the terms are cancellable, there is no requirement to disclose this as an operating lease. Under this contract there is a rent-free period of 15 months and this is accounted for on a straight-line basis, over the term of the licence. The annual rental is £316k.

Operating lease costs are made up of the lease for the LTM in Covent Garden rent and for a Xerox Design Printer as non-cancellable leases.

20. Capital commitments

Capital commitments at the end of the year not otherwise included in the accounts are as follows:

2024 2023
£000 £000
Ticketing System 26 26
Total capital commitments 26 26

21. Share capital

2024 2023
£ £
Authorised
1 ordinary share of £1 1 1
Allotted, issued and fully paid up
1 ordinary share of £1 1 1

As permitted by FRS 102 and SORP 2019, because no new equity shares have been issued, the Museum has not produced a separate statement of changes in equity for the reporting period.

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22. Pensions

a) Background

The Museum offers retirement plans to its employees. The majority of the Museum’s staff are members of the Public Sector Section of the TfL Pension Fund, which is a final salary scheme established under trust. Benefits are based on an employee’s length of service and final pensionable pay. The Fund’s Trustee is the TfL Trustee Company Limited, a wholly owned subsidiary of TfL. Under the rules of the Fund, its 18 Trustee Directors are nominated in equal numbers by TfL and on behalf of the Fund’s membership.

Every three years, the TfL Pension Fund actuary makes valuations and recommends the level of contributions to be made by the participating employers to ensure the long-term solvency of the Fund. The latest available valuation of the Fund was carried out as at 31 March 2021 by the Actuary, a partner of consulting actuaries Willis Towers Watson, using the projected unit method. A revised Schedule of Contributions was agreed between the Trustee and the employers following the formal funding valuation of the Public Sector Section.

Under the valuation report, the Fund held a surplus of £179m as at 31 March 2021. Assets totalled £13,085m and the defined benefit obligation totalled £12,906m. A revised Schedule of Contributions was agreed between the Trustee and the employers following the formal funding valuation. This set out a future service contribution rate of 27.3 per cent for the employers and five per cent for members.

The underlying assets and defined benefit obligation of the TfL Pension Fund cover a number of Group entities and cannot be readily split between each undertaking. No contractual agreement is in place to allocate the total net surplus between the member entities. Thus, in accordance with IAS 19, the TfL Corporation, as the Scheme sponsor, has recognised the total net defined benefit surplus in its own accounts.

As at the Balance Sheet date, no allocation of the surplus of the Fund has been made between the various TfL Group companies, including London Transport Museum. Should this position change in future, an allocation may be made, and the Museum may, at that point, become liable for its share of the deficit or surplus. There are no present plans for such an allocation to be made.

Further information regarding the TfL Pension Fund can be found in the TfL Annual Report and Statement of Accounts.

b) Accounting

The Museum’s ultimate parent, TfL, and the Museum’s fellow subsidiaries participate in the Public Sector Section of the TfL Pension Fund. Because the Museum is unable to identify its share of the underlying assets and liabilities on a consistent and reasonable basis, as permitted by FRS 102, the Museum treats contributions to the Public Sector Section as if they were contributions to a defined contribution plan. The Museum’s contributions to the Fund of £1,185,189 (2023: £1,016,325) have been charged to the Consolidated Statement of Financial Activities.

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c) Other pension schemes

Pension contributions of £7,842 (2023: £7,236) have been made to the London Pension Fund Authority Pension Fund, a funded multi-employer defined benefit scheme, administered by the London Pension Fund Authority. The underlying assets and defined benefit obligation of the London Pension Fund Authority Pension Fund cover a number of TfL Group entities and cannot be readily split between each undertaking. The TfL Corporation has recognised the TfL Group’s share of the net defined benefit obligation in its own accounts.

LTM also made employer contributions to two defined contribution schemes totalling £1,363 (2023: £6,612).

23. Related party transactions

LTML a wholly owned charitable subsidiary company of Transport Trading Limited (TTL), which in turn is a wholly owned subsidiary company of TfL. TfL provides financial assistance to the Museum in the form of grants for Museum operations and, in addition, certain divisions of TfL provide financial support to the Schools Programmes and other Museum activities as agreed on a project-by-project basis.

In line with paragraph 33.1A of FRS 102, the Museum, as a wholly owned subsidiary of TTL, is not required to disclose transactions with other wholly owned members of the group headed by TfL.

Museum staff are provided with passes that allow free or discounted travel on TfL services for themselves and a nominee. TfL also offers LTM Trustees and non-executive Directors of LTM(T)L restricted travel privileges.

TfL Group companies receive discounts on the hire of Museum facilities, and all TfL staff receive free entry to the Museum and discounts in the Museum shop.

The Museum also entered into transactions with other related parties during the year as set out below.

Party Nature of
relationship		 Transaction 2024
Income		 2024
Expenditure		 2024
Debtor		 2024
Creditor
£000 £000 £000 £000
LTM
Friends		 Sam
Mullins was
a Trustee of
LTM
Friends
(Retired 8
August
2023)		 Grant awarded
during the year
and
reimbursement
of volunteer
expenses		 117 0 1 0
LTM
Friends		 Elizabeth
McKay is a
Trustee of
LTM		 Grant awarded
during the year
and
reimbursement		 117 0 1 1

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Friends
(From 8
August
2023)		 of volunteer
expenses

During 2022/23 the Museum entered into transactions with other related parties as set out below.

Party Nature of
relationship		 Transaction 2023
Income		 2023
Expenditure		 2023
Debtor		 2023
Creditor
£000 £000 £000 £000
LTM Friends Sam
Mullins is a
Trustee of
LTM
Friends		 Grant awarded
during the
year and
reimbursement
of volunteer
expenses		 105 6 105 6

In addition to the financial transactions summarised above, the Museum also provides LTMF with office and IT facilities, and support for marketing and other activities.

Sir Peter Hendy and Phil Swallow are also Patrons of the Museum.

Some LTM Trustees, Directors of LTM(T)L and key management personnel of TfL also received leaving and thank you gifts of LTM(T)L retail merchandise during the year.

Vincent Nolan, a non-executive Director on the LTM Enterprise Board received a moquette cube (retail price ~£200) as a leaving gift.

Our supporters

Supporters and Funders 1 April 2023 to 31 March 2024

Corporate Members

Leader

ABM Alexander Dennis Amey Arriva London Arup Group Ltd Balfour Beatty Rail* Bechtel Capita CDER Group (JBW Group) CGI (until April 2023)

London Transport Museum Limited Annual Report and Financial Statements for the Year Ended 31 March 2024

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Clear Channel ComfortDelGro Cubic Transportation Systems EPC GB Railfreight Marston Holdings Mitie Motorola Solutions MTR Elizabeth Line PA Consulting Group Palantir (until April 2023) QBE Rail Delivery Group Siemens Mobility Sopra Steria Stadler Rail Stagecoach London telent Technology Services Thales GTS Transport UK London Bus Worldline Zenobe

Driver

Computacenter (until January 2024) Go-Ahead Group Keolis UK Mott MacDonald Uber Boat by Thames Clippers* Wabtec (until February 2024)

Member

2CV (until January 2024) Addleshaw Goddard BDB Pitmans Boldyn Networks UK Ltd First Group Flowbird (until May 2023) Gowling WLG Grid Beyond Morgan Sindall Infrastructure RATP Dev Sacker & Partners Scheidt & Bachmann Trapeze Group* Trueform Virgin Media O2 (until September 2023) Yunex Traffic

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*Denotes three-year membership

Supporters and sponsors

Major supporters

Transport for London Arts Council England The National Lottery Heritage Fund DCMS/Wolfson Museums and Galleries Improvement Fund The Wolfson Foundation London Transport Museum Friends Luke Rees-Pulley Charitable Trust The Finnis Scott Foundation

Museum supporters

Global - Global Poster Gallery Cubic Transportation Systems - Cubic Theatre and Foyer

Interchange thought leadership

Gowling WLG Thales GTS

Content partners

Mott MacDonald – Decarbonising Transport

Climate Crossroads

ABM Cubic Transportation Systems Mastercard Sopra Steria

Enjoyment to Employment

ABM Mastercard Telent Technology Services Thales GTS Transport for London

Schools Bursary Scheme

Uber Boat by Thames Clippers

London Transport Museum Limited Annual Report and Financial Statements for the Year Ended 31 March 2024

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Education supporters

Kusuma Trust Luke Rees-Pulley Charitable Trust John Lyon’s Charity

Patrons

Ian Arthurton Sir David Bell Henry Brooks David Brown Paul Butler Dean Collier Roger Cooke Leon Daniels OBE Anna Delvecchio Michele Dix CBE Steve Edge Martin Elms Jane Fogg Phil Fortey Graham Hayden Lord Peter Hendy of Richmond Hill and Imber Bill Hiron Tony Hocking Adrian Hollands David Humphrey Barry Le Jeune Ken and Daphne Lousvet Rupert Lyons Roger Madelin Guy Marriott Richard Meads MBE Sam Mullins MBE Roy Parker Charlie Parsons Ian Ross Paul Ross Paul Sainthouse John A. Self OBE Stephen Shewmaker Julian Slawson Phil and Caroline Swallow Dave Taylor Richard West Nicholas Woolf OBE and Fiona Woolf DBE Mark Yexley Julian and Ruth Rose

London Transport Museum Limited Annual Report and Financial Statements for the Year Ended 31 March 2024